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Carey Olsen recently hosted its annual trust conference in Jersey bringing together important topics from four offshore jurisdictions.
Carey Olsen recently hosted its annual trust conference in Jersey bringing together important topics from four offshore jurisdictions.
The conference, which is believed to be the first of its kind, focused on developments in legislation and case law relating to trusts and foundations in Guernsey, Jersey, the Cayman Islands and the British Virgin Islands.
Jersey partner, Andreas Kistler, and senior associate, Alexa Saunders, spoke about recent amendments to the Trusts (Jersey) Law 1984 and also spoke about the first judgments from the Royal Court of Jersey regarding the Jersey foundation. Advocate Saunders noted that the island had successfully navigated previously unchartered judicial territory and was now well placed to develop the law further in relation to foundations.
Russell Clark, head of trust and fiduciary law in Guernsey, and Guernsey senior associate, Natasha Kapp, presented a Guernsey law update including a discussion of a recent decision from the Royal Court of Guernsey regarding the construction and interpretation of trust documents which excluded beneficiaries.
Guernsey partner, Andrew Boyce, who began his legal career in Trinidad and the BVI before moving to Carey Olsen in Guernsey, and Graham Stoute, an associate trust lawyer based in Carey Olsen's Cayman office, presented the BVI and Cayman law update. Their talk included ‘de-enveloping’ UK real estate held in BVI companies, the regulation of private trust companies in the BVI and Cayman foundations.
Mr Stoute said: “While the Cayman Islands are a little late in bringing foundations to the table, we’re hopeful that what they are proposing has some points of differentiation and innovation so it will be attractive to clients as an alternative.”
Paul Matthams, head of trust and fiduciary law in Jersey, presented an update on the Jersey perspective on the international framework for exchange of information for tax compliance.
Guest speaker, Nicholas Le Poidevin QC of New Square Chambers, concluded the updates with a speech on trustees’ duties when faced with a foreign tax liability or a foreign demand for information about a Jersey law trust.
The topic of disclosure of information was continued during the question and answer session when Advocate Clark observed that disclosure should not be an issue provided it is proportionate. Rather, he cautioned the audience that they would need to be wary of beneficiaries who were reluctant to provide relevant tax information.
Carey Olsen trust and fiduciary law partner, Siobhan Riley, who chaired the conference, said: “Guernsey, Jersey, the British Virgin Islands and the Cayman Islands have different legal systems which provide an excellent choice to International clients. As offshore legal advisers we are very well-placed to tailor structures which involve one or more of those jurisdictions.”
The conference took place at the Pomme D’Or Hotel in St Helier. The same conference will be held in Guernsey early next year and further details will be available shortly.
